Job Growth Is Mostly Flat

The labor market has been at stall speed for some time now, and the latest labor market numbers, though positive, do not change that longer-term outlook. This has resulted in increasingly unequal labor market outcomes—for instance, by race, age, and education. The lack of job market growth over the past 12 months means that those who lost their jobs or are looking for their first or a new job have an increasingly harder time finding employment. Obstacles are greater for younger workers, workers with college degrees, and Black and Asian workers. Wage growth also slowed in March and may have fallen below the inflation rate. In another sign that things are still sluggish, employers cut hours for workers. As a result of modest wage increases and falling hours, weekly earnings were flat in March. The slowing labor market, as the latest data show, is the result of the Trump administration’s policies, including but not limited to a chaotic tariff regime, widespread deportations, and attacks on federal workers. Read Full Article »